The following selected accounts appeared in the general ledger of Trois Quatre Inc. on December 31,...

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The following selected accounts appeared in the general ledger of Trois Quatre Inc. on December 31, 2021: 4% Preference Shares, P50 par value |10,000 shares authorized: 7,000 shares issued Share Premium – preference Ordinary Shares, P20 par value 50,000 shares authorized: 25.000 shares issued Share Premium – Ordinary Retained Earnings P350,000 28.000 500,000 90.000 537.000 P1.505,00 Total Shareholders' Equity During the year, the corporation completed several transactions affecting the shareholders' equity. They are summarized chronologically as follows: a) Purchased 2,000 ordinary shares to be held as treasury for P55,000. b) Sold 500 ordinary treasury shares for P16,000. c) Issued 5,000 ordinary shares at P30, receiving cash. d) Sold 1,000 preference shares at P52.50. e) Sold 600 ordinary treasury shares for P15,600. f) Declared cash dividends of P2 per share on preference shares and Pl per share on ordinary shares. g) Paid the cash dividends. h) The board of directors authorized the appropriation necessitated by the holding of the treasury shares. i) The profit for the year was P165,000. Required: 1. Prepare the statement of changes in shareholders equity for the year ending December 31, 2022 2. Prepare the shareholders' equity section of the balance sheet as of December 31, 2022 The following selected accounts appeared in the general ledger of Trois Quatre Inc. on December 31, 2021: 4% Preference Shares, P50 par value |10,000 shares authorized: 7,000 shares issued Share Premium – preference Ordinary Shares, P20 par value 50,000 shares authorized: 25.000 shares issued Share Premium – Ordinary Retained Earnings P350,000 28.000 500,000 90.000 537.000 P1.505,00 Total Shareholders' Equity During the year, the corporation completed several transactions affecting the shareholders' equity. They are summarized chronologically as follows: a) Purchased 2,000 ordinary shares to be held as treasury for P55,000. b) Sold 500 ordinary treasury shares for P16,000. c) Issued 5,000 ordinary shares at P30, receiving cash. d) Sold 1,000 preference shares at P52.50. e) Sold 600 ordinary treasury shares for P15,600. f) Declared cash dividends of P2 per share on preference shares and Pl per share on ordinary shares. g) Paid the cash dividends. h) The board of directors authorized the appropriation necessitated by the holding of the treasury shares. i) The profit for the year was P165,000. Required: 1. Prepare the statement of changes in shareholders equity for the year ending December 31, 2022 2. Prepare the shareholders' equity section of the balance sheet as of December 31, 2022

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Answer aStatement of changes in Shareholders Equity Trois Quatre Ince Statement of changes in Shareh... View the full answer